A relative increase in demand for quality can have one of two potentially countervailing effects: it can cause substitution of one quality for another and/or it might expand overall demand by bringing new consumers into the market. This article investigates demand expansion and substitution...

Six popular crop yield distributions are compared to determine which best describes yield fluctuations out-of-sample. For 183 crop and county combinations, each distribution is estimated and ranked according to its log-likelihood function observed at out-of-sample observations. A semiparametric...

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict...

This study investigates the impact of differing U. S. Farm Policy regimes on the stock prices of publicly traded agribusinesses. Following the Roll and Ross approach, we apply a two step Arbitrage Pricing Model (APM). We analyze the effect of agricultural policy on returns to agribusiness by...

Loan records and lender credit risk classifications are used to examine agricultural credit risk migration. The results include estimates of the likelihood of borrowers transitioning among five credit risk tiers. The paper also examines factors that influence or predict credit risk migration and...

Detailed customer loan records were used to investigate the profitability of agricultural lending relationships. Analyses consider a variety of factors that influence the costs and returns associated with agricultural lending relationships. Among other things, the results provide evidence of...

Replaced with revised version of poster 06/03/11.